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Breakingviews - Barclays strategic fix will entrench low valuation
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Barclays is looking for a valuation cure. Chief Executive C. S. Venkatakrishnan and colleagues at the UK lender have explored raising capital to fund an M&A deal in the wealth or asset management sectors; shrinking the investment bank's risk-weighted assets by 25%; and a milder set of investment bank tweaks. If they opt for the latter, it won't help a valuation that languishes at 0.4 times tangible book value.
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